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December 22, 2024 |
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| Home > Small Business Lenders by State > Rhode Island Business Loan Sources > Wyomissing, Business Loans > Sovereign Bank Wyomissing Business Loans > Steel Wire Drawing Loan | ||||
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How to Get a Small Business Loan from Sovereign Bank
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SBA Loan from Sovereign Bank Helps Steel Wire Drawing CompanyAn SBA loan from Sovereign Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cumberland Hill, Rhode Island business owner got a $270,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cumberland Hill, Rhode Island was able to borrow $270,000 from Sovereign Bank. The SBA made the loan possible by guaranteeing $202,500 of this Rhode Island small business loan. SBA Loan Borrower COMPANY TYPE: STEEL WIRE DRAWING SBA Loan Lender SOVEREIGN BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 331222 - Steel Wire Drawing Loan Approval Date 11/12/2003 Loan Approval Gross Amount $270,000 Loan Approval from the SBA Of the total $270,000 loan amount, the SBA guaranteed $202,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help retain 8 existing jobs. Start the Process for Getting an SBA Loan Today! Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. This SBA loan was for $270,000. How would you spend $270,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Accountant's Role in Securing Financing Where to Get an SBA Loan in Wyomissing, Pennsylvania Browse All Business Loan Sources for Pennsylvania
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